Which of the following statements is false?
A. Short-term ups and downs in the economy are known as business cycles.
B. Business cycles are always symmetric-the length of an expansion is the same as the length of a contraction.
C. The rate of change in economic activity is used to assess whether an economy is expanding or contracting.
D. During a recession, output and employment are falling.
Answer: B
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Antitrust laws attempt to
A) support prices at high levels so firms can earn profits. B) establish minimum wages. C) prevent monopolies or collusion. D) enforce fair trade laws.
The increase in total cost resulting from producing one more unit of output is the marginal cost.
Answer the following statement true (T) or false (F)
In economics, the term "investment" refers to the purchase of stocks and bonds.
Answer the following statement true (T) or false (F)
Refer to Scenario 9.1. The dominant strategy for Sheb is to place ________ sheep on the commons
A) 4 B) 5 C) Sheb's dominant strategy depends on how man sheep Monty places on the commons. D) Sheb has no dominant strategy.